Experian Credit History

The Experian Credit History

Rent payment via new Experian Credit Report combined with new platforms According to Property118, a new proprietary software solution has been introduced to combine tenants' rents with their Experian credit reports. The Credit Builder, which also acts as a comprehensive lease review tool for lessors and brokers, is developed to allow lessees to improve their creditworthiness by gathering information about their lease payment that they can show either to prospective lessors or to banks, such as mortgages, if they want to buy a home in the near-term.

Launched following a 150,000-signature initiative calling for rent to be taken into consideration when deciding whether someone can buy a loan. Credit Builder founder and CEO Henry Yates said: "The rationale that tenants' rent should be credited to their credit reports is beginning to bring about genuine changes in the sector.

The Credit Builders should be "fully integrated" with Experian's leasing exchange. If you want to view your lease data set, you should be able to do so via the Credit Builders application, where you can also view immediate loan and saving deals. Renters should also be able to review their Experian credit reports at the same times.

It will also allow brokers to operate a "comprehensive lease report service" and could help lessors by reducing backlogs. 118property.com said that a real property broker who had already registered with Credit Builder had no back lease payments from renters using Credit Builder, compared with an overall 7% tenant averaging.

According to reports, lessees agree to the use of Credit Builder as a term of their lease. Once the tenant information has been posted on the site, any rent payments made after that time will be notified to Experian.

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